NIE Networks Profits Drop, Grid Upgrades Continue

0:00On March 25th, NIE Networks, the company behind Northern Ireland's electricity grid, saw its profits nearly have last year to about 99 million euros. That's down 89 million euros from the year before, mainly because of storm ealwyn and rising industry costs. The big storm hit in January of last year, with winds up to 90 miles per hour, knocking out power to 285,000 homes and businesses. Their work across the island ran about 95 million euros, and other hits included a 45 million euro drop in government scheme income, plus some revenue adjustments. Even with the profit dip, the company poured 330 million euros into upgrading the grid, of 50 million from the previous year. They also grew their workforce by 40 people to 1,685. Their company ESB, which bought NIE Networks for 1.2 billion pounds, back in 2010, saw its overall profits fall 10 percent to 6.36 million euros.

1:04Today, NIE's assets sit at a 3 billion euro regulated base. Looking ahead, these investments should help keep the lights on through tougher weather, as the grid operator focuses on long-term reliability.